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(USGovernment-News.Com, November 17, 2018 ) The Lighting Market for Automotive is projected to grow at a CAGR of 6.80% from 2017 to 2022 and is expected to reach USD 29.97 Billion by 2022. The market growth can be attributed to the increase in vehicle production and lighting applications, especially in passenger cars. Alternatively, the electrical vehicle Lighting Market is projected to grow at a CAGR of 23.90% during the forecast period. This growth can be attributed to the increase in sales of electric vehicles as a result of emission regulations and government subsidies for these vehicles.
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The global Lighting Market for Automotive is segmented based on the position into front, rear, side, and interior. The front market is expected to showcase the largest market with halogen as the predominant technology in this position. In terms of lighting technology, the market is segmented into Halogen/incandescent, Xenon/HID, and LED. The LED segment is projected to grow at the fastest rate from 2017 to 2022. This growth can be attributed to the benefits of LED lighting such as bright illumination, lower temperature and energy consumption, and flexibility in designing, which has also popularized the technology in interior lighting. The passenger car segment is projected to lead the Automotive Lighting Market, in terms of volume and value as well as growth rate, followed by light commercial vehicles (LCV), trucks, and buses.
The Lighting Market for Automotive is segmented by application into exterior (Head, Side, Tail, Fog, DRL, and CHMSL) and interior (dashboard, glovebox, reading, dome, and rear view mirror).
The study segments the adaptive Lighting Market, by position, into front adaptive and rear adaptive lighting. The front adaptive lighting is expected to be the largest and fastest growing market by 2022. The front adaptive lighting considers functions such as Auto-On/OFF, High Beam Assist, Cornering Lights, Headlight Leveling, and Bending Lights. Auto-On/OFF is expected to be the largest market whereas Headlight Leveling is expected to be the fastest growing market.
China and India together contribute 35% of the global vehicle production and approximately 34% of the global passenger car production. Due to this, Asia-Oceania is estimated to be the largest and fastest growing market for automotive lighting. The Chinese buyers, in particular, are becoming sophisticated as they are ready to upgrade to newer and better models. Also, technologies such as ambient lighting and adaptive lighting are gaining pace in these markets. Hence, these factors contribute to a positive growth in the Asia-Pacific automotive Lighting Market.
The Lighting Market for Automotive is dominated by players like Hella KGaA Hueck & Co. (Germany), Osram (Germany), Magneti Marelli (Italy), Koito Manufacturing Co., Ltd (Japan), and Stanley Electric (Japan).
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